PHILADELPHIA, April 15, 2021 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Canaan Inc. (“Canaan” or the “Company”) (NASDAQ: CAN) to determine whether the Company engaged in securities fraud or other unlawful business practices.
On April 15, 2021, a class action lawsuit was filed in United States District Court, Southern District of New York, on behalf of Canaan investors who purchased, or otherwise acquired, Canaan’s American Depositary Receipts (ADRs”) between February 10, 2021 and April 9, 2021, both dates inclusive (the “Class Period”).
According to the class action complaint, statements Canaan issued during the Class Period about the Company’s business metrics and financial prospects were materially false and misleading in that they concealed that due to ongoing supply chain disruptions and the introduction of the Company’s next-generation A12 series bitcoin mining machines – which had cannibalized sales of the older product offerings – Canaan’s sales and net revenues had significantly declined.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE COMPANY’S ADRs DURING THE CLASS PERIOD AND SUFFERED LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT KEVIN CAULEY, DIRECTOR, CLIENT RELATIONS, (215) 792-6676, EXT. 802, KCAULEY@KEHOELAWFIRM.COM, SECURITIES@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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